VACANT HOUSE!!!!! VACANT HOUSE!!!!

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  • Just signed an option to buy. It was a vacant run down house. Monday will meet to sign an option on another vacant run down house. Do you see the common theme?

    The most motivated seller of all is the owner of a vacant house! Great job Don!

    master lease
    highest bidder sales
    sell below market (wholesale opportunity)
    lease option
    seller financing

    A common denominator with vacant house owners is they often rented a U-Haul truck to move their stuff. If you have marketing materials at the UHaul place you will get to them first. You could give the UHaul people a handfull of pens that say We Buy Houses or ask about putting flyers in their office that say you will pay for the UHaul rental up to $500 if you buy their house

    What other ways can you get in front of vacant house owners?

    Don, how did you get the leads?

    The one I signed up today I got buy driving to one of my rentals that had some storm damage. Had some bad storms here. I noticed down the block a homemade for sale sign. Went up to the home and it was vacant and in bad shape. Got an option today for 3K and split 80/20 over 3K.

    The home to go under option Monday was the second mailing of a postcard campaign. Only targeted at vacant houses. Made up a list by driving the neighborhoods. In the last year one of the things that opened my eyes to having an internet presence, was the sight of all the REO’s. I just figured if someone could reach out to me before it was to late and they lost their home that maybe I could have helped. I figured the internet was the only way I could think of. I had to reach all these people with problems and the internet seems to be the way now and the future.

    Don,
    Do you have to pay the 3k now or after you sell the place? Also will you be filling any memorandum of option or how are you going to secure your agreement?

    Hugh,
    I gave him $50.00 as option consideration to seal the deal and show good faith. Non refundable. I use to try squeeze every penny out of a deal but I have learned to give a little and leave a little on the table for others and it makes for better business and good faith. It builds trust. The 3K is just the strike price. No just $50.00 now. I put into our simple 1/2 page option agreement that I may file a Memo of Option should it be necessary. If we get a prickly Attorney I might have to, but do not anticipate I will have to on such a quick in and out and small monetary deal. If it was a substantial amount and or a long term deal I would record a Mortgage. It would just say mortgage, but in reality it would be a mortgage of option. Title company’s will not miss that.

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